US oil giant Chevron has confirmed plans to significantly expand its operations in Venezuela, following a new agreement announced by President Donald Trump to increase US access to the country’s vast oil reserves.
Chevron, the only major US oil company currently operating in Venezuela, said Wednesday that it had been awarded additional acreage in the Orinoco Oil Belt.
The company and its joint-venture partners plan to invest more than $7 billion over the next five years. The investment is expected to more than double Chevron’s production in Venezuela to approximately 600,000 barrels of oil per day, compared with its 2026 output.
Chevron CEO Mike Wirth said the company’s expanded presence reflects its confidence in Venezuela’s oil resources and the country’s potential to attract investment.
Venezuela has the world’s largest proven crude oil reserves, estimated at more than 303 billion barrels, according to OPEC’s 2025 statistics. Despite its enormous reserves, the country currently produces only around 1.1 to 1.2 million barrels per day, largely because of political instability, economic challenges and international sanctions.
Chevron has operated in Venezuela for more than a century, dating back to 1923. Its current operations include several joint ventures involved in producing extra-heavy crude in the Orinoco Oil Belt and oil production in western Venezuela.
The expansion comes shortly after Trump announced a major agreement aimed at developing Venezuela’s oil reserves and giving the US greater access to the country’s energy resources.
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